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Axa Stenman Industries Profits Up 22%

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VEENENDAAL, The Netherlands (February 17) – Despite a difficult market situation and a 2.8% drop in turnover, Axa Stenman Industries NV reported a 22% higher net profit in 2002 compared to a year earlier. Major cost reductions like a strong drop in the number of employees,formed the basis for the rise in net profit to […]

VEENENDAAL, The Netherlands (February 17) – Despite a difficult market situation and a 2.8% drop in turnover, Axa Stenman Industries NV reported a 22% higher net profit in 2002 compared to a year earlier. Major cost reductions like a strong drop in the number of employees,formed the basis for the rise in net profit to € 4.6 million.
Next to bicycle locks and lighting products, Axa Stenman Industries produces constructors hardware for builders. The 2002 turnover of the company that is headquartered in Veenendaal, The Netherlands totalled € 66.6 million. Total revenues for bicycle locks and lighting products amounted 38.8 million in 2002; 3.7% down on the total for 2001. Axa Stenman Industries’ supplies for the building sector was € 27.8 million in 2002; down 1.6%.
About 50% of Axa Stenman Industries’ total turnover in bicycle components is made on its home market. The demand for Axa locks and lighting equipment in Holland was down 5% due to dropping OEM orders. The export of Axa’s bicycle products (Germany and the Scandinavian countries are the major export markets) decreased 2.4% to € 20.4 million. For 2003 Axa Stenman Industries’ CEO Cees Oosterhoorn does not expect a full recovery of the European bicycle market. His expectations with regard to Axa’s business in the building sector isn’t optimistic either, and in that respect he did not want to commit himself to the companies’ expected performance this year. However, what CEO Oosterhoorn does expect to happen during the coming weeks is de the de-listing of Axa Stenman Industries from the Euronext Amsterdam Stock Exchange. Havana Holding, which is founded by Dutch Friesland Bank for the offer on the Axa shares, will bid € 15 for all regular shares. All major shareholders of Axa Stenman Industries including the companies of CEO Oosterhoorn and CFO J.R. Roberts, are involved in Havana Holding. Currently 61% of all regular shares are committed to the offer of Havana Holding. When 95% of all shares are committed, Axa will call for a special shareholders meeting to finalize the de-listing. (JO)

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